Find Knox 2022 April Edition by Find

Knox The

APRIL 2022

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WHAT’S INSIDE:

LOCAL STORIES

COLUMNIST ARTICLES

TAX UPDATES

REAL ESTATE - RENTAL LISTINGS

KNOX COUNCIL NEWS

NOT-FOR-PROFITS EVENTS & ARTICLES

FIND FAITH

FIND BIRTH, DEATHS, & MARRIAGES

FIND COUPONS

SUPPORT LOCAL, BUY LOCAL, DISCOVER KNOX

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COLUMNIST CONTRIBUTORS FOUNDER | ACCOUNTANT

WARREN STRYBOSCH

GENERAL INSURANCE

CRAIG ANDERSON

FACILITATOR

WRITER

Are you our next Facilitator?

Are you our next Writer?

BOOKKEEPER

ARCHITECT

MORTGAGE BROKER

ELECTRICIAN

Are you our next Bookkeeper?

Are you our next Architect?

Are you our next Mortage Broker?

Are you our next Electrician?

FINANCE BROKER

LIFE COACH

PAINTING AND DECORATING

MARKETING

Are you our next Finance Broker?

Are you our next

Life Coach?

Painting & Decorating?

Marketer?

ELECTRICAL OPERATIONS

TRAVEL AGENT

PLUMBING

SOLICITOR

Are you our next Electrician?

Are you our next Travel Agent?

Are you our next Plumber?

Are you our next Solicitor?

Knox The

EDITORIAL ENQUIRES: Warren Strybosch | 1300 88 38 30 editor@findknox.com.au PUBLISHER: Issuu pty Ltd POSTAL ADDRESS: 248 Wonga Road, Warranwood VIC 3134 ADVERTISING AND ACCOUNTS: editor@findknox.com.au GENERAL ENQUIRIES: 1300 88 38 30 EMAIL SPORT: sport@findknox.com.au WEBSITE: www.findknox.com.au

OUR NEWSPAPER The Find Knox was established in 2019 and is owned by the Find Foundation, a Not-For-Profit organisation with is core focus of helping other Not-For-Profits, schools, clubs and other similar organisations in the local community - to bring everyone together in one place and to support each other. We provide the above organisations FREE advertising in the community paper to promote themselves as well as to make the community more aware of the services these organisations can offer. The Find Knox has a strong editorial focus and is supported via local grants and financed predominantly by local business owners.

ALL THINGS KNOX

The City of Knox is a local government area in Victoria, Australia in the eastern suburbs of Melbourne. Knox had a population of approximately 136,230 as at the 2019 Report which includes 13,072 business and close to 59,000 households. The City of Knox was created through the amalgation the former Cities of Ringwood and Croydon in December 1994.

ACKNOWLEDGEMENT The Find Knox acknowledge the Traditional Owners of the lands where Knox now stands, the Wurundjeri people of the Kulin nation, and pays repect to their Elders - past, present and emerging - and acknowledges the important role Aboriginal and Torres Strait Islander people continue to play within our community.

DISCLAIMER Readers are advised that the Find Knox accepts no responsibility for financial, health or other claims published in advertising or in articles written in this newspaper. All comments are of a general nature and do not take into account your personal financial situation, health and/or wellbeing. We recommend you seek professional advice before acting on anything written herein.

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NEXT ISSUE Next Issue of the Find Knox will be published on Friday April 8, 2022. Advertising and Editorial copy closes Friday April 1, 2022.

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About the Find Knox By Warren Strybosch

The Find Knox is a community paper that aims to support all things Knox. We want to provide a place where all NotFor-Profits (NFP), schools, sporting groups and other like organisations can share their news in one place. For instance, submitting up-and-coming events in the Find Knox for Free. We do not proclaim to be another newspaper and we will not be aiming to compete with other news outlets. You can obtain your news from other sources. We feel you get enough of this already. We will keep our news topics to a minimum and only provide what we feel is most relevant topics to you each month. We invite local council and the current council members to participate by submitting information each month so as to keep us informed of any changes that may be of relevance to us, their local constituents.

We will also try and showcase different organisations throughout the year so you, the reader, can learn more about what is on offer in your local area. To help support the paper, we invite local businesses owners to sponsor the paper and in return we will provide exclusive advertising and opportunities to submit articles about their businesses. As a community we encourage you to support these businesses/columnists. Without their support, we would not be able to provide this community paper to you. Lastly, we want to ask you, the local community, to support the fundraising

initiatives that we will be developing and rolling out over the coming years. Our aim is to help as many NFP and other like organisations to raise much needed funds to help them to keep operating. Our fundraising initiatives will never simply ask for money from you. We will also aim to provide something of worth to you before you part with your hard-earned money. The first initiative is the Find Cards and Find Coupons – similar to the Entertainment Book but cheaper and more localised. Any NFP and similar organisations e.g., schools, sporting clubs, can participate. Follow us on facebook (https://www. facebook.com/findknox) so you keep up to date with what we are doing. We value your support, The Find Knox Team.

COVID-19 $450 payments to cease. By Warren Strybosch

The Andrew’s government will cease paying the $450 payment to Victorians whilst they await their PCR test results, as rapid swabs make the system obsolete. The state government announced its test isolation payment will end with demand reducing as rapid antigen tests become more widely available. Industry Support and Recovery Minister Martin Pakula said Victoria was entering a new phase of managing the pandemic and the program was no longer necessary. “The recommended testing method has changed with rapid antigen tests providing results within minutes and eliminating the need to miss work while waiting for test results,” Mr Pakula said. More than 1.2 million payments worth about $545 million have been approved since the system began in July 2020 during the state’s devastating second wave of COVID-19 infections. Payments will still be available for Victorians who have to self-isolate, quarantine or need to care for someone in self-isolation or quarantine under the federal government’s pandemic leave disaster payment.

APRIL 2022 | FIND KNOX

FIND KNOX | APRIL 2022

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Housing Prices Drop For the past two years we have seen significant housing growth but now capital city values are starting to trend downwards, according to latest data.

Stronger housing market conditions were recorded in Brisbane and Adelaide and Hobart, where housing values rose by more than 1.0 per cent in February.

Sydney has posted the first decline in housing values since September 2020. Whilst the drop of 0.1 per cent is a modest decline, it is an indication of where the market is likely to head for both Sydney and Melbourne over the next 12 to 24 months.

Regional markets remain strong

CoreLogic’s national Home Value Index recorded a 0.6 per cent gain in February, the pace of growth had slowed since April 2021 and marked the lowest monthly reading since October 2020.

Over the past three months, housing values across the combined rest-of–state regions increased (up 5.7 per cent), compared to combined capitals that rose 1.8 per cent.

Whilst capital cities are starting to trend downwards, regional Australia continues to record a substantially higher rate of growth than the capital cities.

Although the rolling quarterly rate of value growth remains rapid across regional Australia, conditions have eased from its recent peak of 6.4 per cent over the December quarter and is down from a cyclical peak of 6.6 per cent recorded in April last year. CoreLogic’s director of research, Tim Lawless, said demographic tailwinds, low inventory levels and ongoing demand for coastal or tree-change housing options are continuing to support strong upwards price pressures across regional housing markets.

Suncorp Super mergers with QSuper and increases insurance premiums By Warren Strybosch

Recently Suncorp Super merged with QSuper. Suncorp Super, in a statement to its members, informed them that their insurances held with Suncorp Super would be increasing from the 27th of February 2022. Suncorp Super encouraged their members to speak to a financial advisor about the increase in insurance premiums. If you are a previous member of Suncorp Super or QSuper, we would encourage you to make an appointment to speak to an advisor at Find Insurance or Find Wealth. You may be surprised to discover that there may be better insurance and super alternatives available to you. If you wish to speak to an advisor at Find Insurance or Find Wealth, simply contact them on 1300 88 38 30 or email info@ findwealth.com.au or info@findinsurance.com.au and ask for a free appointment to discuss your insurance and/or super needs.

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APRIL 2022 | FIND KNOX

Dealing in Crypto? ASIC asks you to get financial planning advice By Warren Strybosch

Crypto, like any investment can rise and fall. In the last few months, we have seen crypto currencies fall between 40% to 90% and with a current unstable world economy, it does not look like we will see a rebound in this sector anytime soon. The most common crypto currency is Bitcoin. At its height in November 2021, it was worth close to $94,000 AUD, and currently it is worth $53,000. Even before the fall in crypto pricing, ASIC was concerned with the number of people investing in crypto. People had it in their mind that crypto would just continue to rise in price without ever falling. They, those who wanted to invest, were concerned they were missing the boat on such a lucrative opportunity. However, like with all investments that are driven mainly by fear in greed, crypto has proven to be no different to other investments we have seen in the past. It will have its amazing ups and downs and trying to ‘guess’ or ‘time’ the market can have devastating consequences for many investors whilst only a few people end up walking away as the winners. I have heard stories of investors jumping in at the high, watching crypto drop 1015%, leverage up their investment (in otherwards borrow against their current investments), to only see the bottom drop

as the example above demonstrates. If you do happen to time it right and get some growth, you then must decide when to sell. Once you have sold you are out of the market. With the lack of income that crypto provides e.g., none at all, it is not the most ideal investment to place your money into. Crypto should only be used by those investors who a) don’t need their money, and b) have all the time in theworld to watch the price go down. It is back the capital in the near future. ASIC is so concerned about crypto and the increased market activity whereby schemers are recommending you switch from retail and industry funds to SMSFs to invest in crypto, that they have requested everyone seek financial planning advice from a licensed financial planner before making such decisions. ASIC said that individuals should not rely on social media ads or online contact promoting an “investment opportunity” or “high return” portfolio.

out of crypto after they have borrowed the funds. This has resulted in a margin call whereby they have had to sell down their now worthless investments to cover the borrowings because the lender was concerned, they might not have the ability to pay back the loan. This has resulted in them walking away with a few thousand dollars from the nearly $50,000 they had originally invested. Does this sound familiar? This is what happened with the GFC where investors had margin loans against their investments. Of those who had margin loans during the GFC, approximately 90% of investors had margin calls and were required to either sell down their investments or come up with additional funds to pay back the loan. Time simply repeats itself and the same lessons are being learned, albeit by the next generation. The biggest issue with crypto investing is income – it simply does not produce any. With all good investments you should seek growth and income and not simply growth. Yes, you can stake some coins, and this can alleviate some of the issues around price drops, but given there is no income, you are subject to everyone else’s fear and greed driving pricing. This lack of income makes you heavily reliant or hopeful on growth and when it does not occur can cause all kinds of problems

“Setting up an SMSF is one of the most significant decisions you can make relating to your retirement savings,” ASIC said. In particular, individuals should be wary of cold calling, text messaging and emails that recommend transferring super to an SMSF or investing in crypto assets via their SMSF. “Australians who decide to self-manage their super should consider the risks before using their SMSF to invest in cryptoassets,” ASIC noted. “As the trustee of your SMSF, you ultimately bear responsibility for the fund’s decisions and for complying with the law even if you rely on other people’s advice – licensed or otherwise.” The regulator pointed to its own website, Moneysmart and the ATO website as providing resources for information about scams, crypto investments and SMSFs. In summary, crypto is an investment that will go and down in value, does not produce income, and should only be considered as an asset class for those investors who have the time and resources behind them to see them through a bearish market, and importantly, to seek advice, from a licensed financial planner, before making any decisions about what to invest in, that includes crypto.

APRIL 2022 | FIND KNOX

FIND KNOX | APRIL 2022

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Businesses Fudging the Books are Placed on Notice By Warren Strybosch

Have you ever gone to pay for something and wondered whether the money you handed over is being recorded correctly for tax purposes? Do you sometimes think, especially when they ask if you want a receipt or not, if the funds are being recorded in a way so as to avoid paying tax? Well, your thoughts might have some validity to them. The ATO has recently released PS LA 2022/1 Administrative penalties for electronic sales suppression tools. It provides guidance to ATO staff on the application and remission of the administrative penalties for producing, supplying, possessing and incorrectly keeping records using an electronic sales suppression tool (ESST). ESSTs are hardware or software tools designed and used to manipulate sales records, understate income and assist in avoiding tax obligations. The production, supply, possession and use of ESSTs contribute to the black economy and undermine the integrity of the tax system. What is an ESST? ESSTs are designed to interfere with electronic sales records; that is, they can falsify, manipulate, hide, obfuscate, destroy or prevent the creation of electronic sales records, often without an audit trail showing the interference. They can take various forms and are constantly evolving, but some examples include: • • •

software that deletes or modifies point of sale (POS) records storage devices (such as back-up drives) containing software that deletes or modifies records POS devices with software that deletes or modifies records.

Penalties apply for producing, supplying, possessing, and incorrectly keeping records using ESSTs, as well as aiding or abetting another to do so. If you discover an entity has possession of or is using an ESST, in addition to considering if a penalty applies, you should work with the entity to ensure that the ESST is removed so the entity will no longer engage in conduct that can attract a penalty. Deciding whether something is an ESST To be an ESST, the tool must both be capable of interfering with a record and one of its principal functions must be to interfere with sales records. A modification

or additional features added to a legitimate sales system can be an ESST, even if the device or program as a whole is not. Records are information in any format that explain an entity’s transactions or other actions. Precisely what they are and what form they take depends on the circumstances. They generally include tax invoices, receipts and records of sales and all business transaction information. An ESST must be capable of interfering with records. Typically, a tool can interfere with records if it can: • • •

manipulate, falsify or delete the record of transactions renumber or recharacterise transactions interfere with records without showing an audit trail of the changes.

A tool passes the capability test for an ESST if it can interfere with a record that: • •

an entity is required by a taxation law to keep or make, and has been, or could be, created by a POS system which creates or feeds data into an entity’s tax records.

You do not need evidence that the tool has been used to interfere with a record, just that it is ‘capable’ of doing so. Criminal prosecutions An entity that produces, supplies or possesses an ESST or uses an ESST to incorrectly keep taxation records may be liable for criminal prosecution. The ATO may seek prosecution of an offence by conducting a criminal investigation and referring the matter to the Commonwealth Director of Public Prosecutions. Example 1 - not an ESST - changes are recorded Bellissima Beans Café Ltd buys a POS system for their new café. This POS system includes a function to reverse and void transactions. The manufacturer states that this function is for correcting mistakes and generating refunds.

The POS system records all changes to transactions in its history log. It produces a receipt and marks it as a void transaction. All receipts have sequential transaction numbers so any void transactions with missing receipts can be identified. Although this function gives Bellissima Beans Café Ltd the ability to delete and reverse transactions, the POS system creates an audit trail, so a reasonable person would not conclude that one of its principal functions is interfering with records. The POS system is not an ESST. Example 2 - possession of an ESST - full remission

The ATO conducts a routine audit of a bookstore owned by Book Worms Pty Ltd (Book Worms). Bob is the director of this company and runs the bookstore. During the audit, a hidden function within the system allows sales transactions to be deleted or manipulated without leaving a record of the original transaction. As a reasonable person would conclude that one of the primary functions of this system is to interfere with sales records, it is an ESST. Bob is surprised to discover that his system has an ESST and explains that he had no idea that it was there. He had bought the bookstore from Keanu in March 2017, who had not mentioned that there was anything unusual about the business or the equipment. He explains that he had not used the ESST and contacts his POS system supplier immediately to ensure ESST capabilities are removed. At the conclusion of the audit, no evidence was found that the ESST had been used to alter any of Book Worms’ business records. The audit did not result in any amendments to Book Worms’ income tax returns or BASs. Book Worms has a good compliance history. Notwithstanding the above, Book Worms is liable to an administrative penalty of 30 units for possessing an ESST. It does not matter that Book Worms came into possession of the ESST before the legislation was enacted.

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APRIL 2022 | FIND KNOX

Are you a Financial Planner looking for more clients? Grow your Financial Planning Business with great integrity and sensitivity by providing advice to those requiring Aged Care Services. List in our Find Aged Care Accommodation Website Are you an Established and experienced Financial Planner providing Aged Care Advice? Find Aged Care Accommodation is seeking professional ‘aged care’ accredited financial planners to provide advice to those seeking aged care advice in their local area. Are you accredited and can help work with clients to find the best aged care options? Are you able to work with their loved ones and help make the process of transitioning into aged care less daunting and complex? If so, consider listing on our website. List with us, and we will get you promoted through our website, social media, and local community papers. Why not consider joining the Find Network as a specialist Aged Care advisor and obtain referral leads from the rest of the Find Network members in your area? To learn more about these new opportunities, contact Warren on 1300 88 38 30 or email info@findagedcareaccommodation.com.au visit our website at www.findagedcareaccommodation.com.au

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Family Trusts in the ATO Firing Line ACCOUNTANT By Warren Strybosch

The ATO has released a suite of new guidance products that is set to have a major change on family trust distributions and tax arrangements. The ATO has released new draft public advice and guidance (PAG) products relating to section 100A reimbursement agreements and division 7A of the Income Tax Assessment Act 1936. The Draft Taxation Ruling TR 2022/D1 suite is open for consultation and clarifies the ATO’s position on reimbursement agreements under section 100A, and identifies arrangements that will not attract ATO compliance resources. Draft Taxation 2022/D1 outlines

Determination

when “financial accommodation” arises under division 7A whilst Taxpayer Alert TA 2022/1 highlights arrangements of concern from the ATO where taxpayers are using adult-child beneficiaries of family trusts to avoid tax on income. The draft Ruling means the ATO may charge Trusts up to 47% tax where a trust distributes funds to adult children and it is found the parents are using those funds instead of the intended beneficiaries, in this case, the adult children. It has been common practice for family trusts to be set up and income splitting to occur between spouses and other family members e.g., adult children. The ATO is aiming to stop or at least restrict this practice by using section 100A arguing that the beneficiary never used the funds and therefore was not actually entitled to the trust money that was paid to them. If this is found to be the case, then the ATO can tax the trust at the maximum rate of 47% (45% tax + 2% Medicare levy).

The guidance will be relevant to any trustee (or controller) of a closely trust that may have concerns about whether the trust anti-avoidance provision in section 100A may apply when trust income is distributed to relatively favourably taxed beneficiaries, but the benefits of that income are enjoyed by others. It also addresses trusts that intend to, or have in the past, made a private company beneficiary presently entitled to trust income but not paid the amount on the basis that the amount is held in a sub-trust for the benefit of the private company and the arrangement avoids the application of division 7A. “The vast majority of small businesses operating through a trust will not be affected by this public advice and guidance,” the ATO explained. If the ATO begins to enforce section 100A, all trustees of family trusts will need to review their income-splitting strategies and how they distribute funds to beneficiaries. It will be important for trustees to have written document in place which adequately explains the justifications as to why a beneficiary is entitled to the revenue generated by the trust. This is going to be paramount for business owners who run their business through a family trust where the main business owner is the key person generate the revenue flowing through the trust and for those who have set up trusts to pass on funds to adult children. The ATO’s further guidance in PCG 2022/ D1 specifically calls out children-parent arrangements. It is likely these types of arrangements will be targeted resulting in future penalties applying if the ATO conducts an audit. An example might be where a beneficiary has a significant difference between their entitlement to taxable ‘net income’ and their ‘trust income’ in specific year (not that uncommon) and the ATO thinks the gap

is contrived to pay less tax. Again, it will be important to have carefully documented reasons as to how the adult children are using these funds for their own personal use e.g., pay board, petrol, etc. Another area the ATO will be looking closely at is where a trust pays money to a company in a circular way between a Trustee that holds shares in a Company and then the Company is also a beneficiary that pays dividends to the Trust. The idea being the Company becomes entitled to trust money which the Trustee is really using for its benefit (and which the Trustee should instead be accumulating and paying tax at 47%). It is advisable that these arrangements cease immediately. Family trusts have always been in the firing by the ATO and more so since Labor limited the ability of trustees to distribute funds to minors. These new developments, whilst they might add another level of complexity for trustees, does not mean trusts hold no value. They are still a good vehicle for asset protection, and when set up correctly, with the right documentation in place, can still provide a good way of distributing funds to adultchildren, and used for income-splitting purposes. At Find Accountant, we provide SMSF tax advice. Our senior accountant is also an award-winning financial advisor. If you require SMSF advice or are considering whether or not to wind up your SMSF, then speak to Warren Strybosch at Find Accountant Pty Ltd.

Warren Strybosch You can call them on 1300 88 38 30 or email info@findaccountant.com.au www.findaccountant.com.au

“The draft guidance sets out the ATO’s preliminary but considered views on the interpretation of the relevant law, as well as guidance on how the ATO will administer the ATO view as expressed in the draft products,” the ATO said.

WARREN STRYBOSCH

“We have included explanations of proposed transitional arrangements to support clients to adjust their tax affairs to comply with the draft guidance once it is finalised.”

The founder of the Find Group of companies draws on his diverse background, which ranges from teaching, to serving in the army, to taxation and accounting, to coach and help clients live their best financial lives. A multi-award winner, Warrens’s innovative approach in business means he was a champion of virtual financial advise long before the pandemic. Warren established the Find Foundation, which owns and operates acroos Victoria.

The products address the situation when certain trust distributions may attract the operation of section 100A or division 7A of part III of the Income Tax Assessment Act 1936 (ITAA 1936), according to the ATO.

Find Group

TOP 50 MOST INFLUENTIAL FINANCIAL ADVISER IN AUSTRALIA The financial advisers featured in this guide are a diverse group: some specialise in responsible investment advice, some provide financial advise to specific professions, and some focus on addressing market gaps, mwith several finding themselves on the list for the very first time. But they all have one thing in common: they all wield influence that can create the blueprint for the future of financial advice in Australia. Not all of them are faniliar names but just because they are not making a lot of noise doesn’t mean they are not making waves. Meet our Power 50.

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Significant Material Costs Lead To Dwelling Build Approvals Collapsing In 2022

By Warren Strybosch

With the collapse of housing construction companies like Probuild and building materials doubling in price, it is no wonder dwelling building approvals have collapsed over the last 12 months. The number of approved residential construction in Australia has plummeted, hitting its lowest figure in almost 18 months and the first decline since October last year. We have even heard of large home building businesses offering future homeowners up to $50,000 to break their home building contracts given the significant increases in material costs. It is apparently cheaper for them to pay a large break cost than to go ahead and build the new home. One builder stated that building materials like wood had only increased by 10 cents per metre but over the last 12 months, the price of wood has literally doubled. They stated that they would have to bear the cost of the increase if any building contracts were signed given it is illegal to

pass on the increase to the consumer once a contract has already been signed.

The same category of dwelling was said to be behind the uptick of approvals reported in December.

According to the Australian Bureau of Statistics’ data on building approvals in Australia, there were a total of 12,916 total dwellings approved over the month of January, falling 27.9 per cent comparative to December and over 24 per cent compared to the same period last year.

However, housing approvals were also reported by the ABS as suffering a sudden fall, hitting 8,712 over January and marking a monthly reduction of 17.5 per cent.

This fall was observed almost across every state, with the decline being felt most distinctively in Victoria (-35.5 per cent), South Australia (-29.2 per cent) and NSW (-25.9 per cent). The only state that reported monthly growth was Queensland, which saw a marginal increase of 0.5 per cent. Driving this distinct loss in new dwellings, which is the lowest since June 2020 (12,724), was a dearth of apartments, town houses, and units, which fell 43.6 per cent month-to-month, hitting 4,007.

This again was observed across the country, with every state reporting a diminished approval figure, with NSW reporting the smallest decline (-14 per cent) and South Australia the largest (-19.9 per cent). Compared to January 2021, this new figure for private houses reflects a downturn of 29 per cent. It is likely, given the large increase in building material costs, that many people will hold off building their new home or an extension, and we are likely to see further declines in new dwellings being built during 2022.

APRIL 2022 | FIND KNOX

FIND KNOX | APRIL 2022

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Do you get high at work? GENERAL INSURANCE By Craig Anderson

Many tradespeople are qualified to work at height as part of their occupation. They may use scaffold, EWP (Elevating Work Platform), rope access equipment, or even work on a high-rise rooftop with access via stairs or a lift. Regardless of how they get there, most of them will be aware of their surroundings, and will make every effort to keep themselves and those around them safe and try not to break anything in the process. Some will not have read their Public Liability Policy Wording, and will be unaware that the policy they purchased has a height limit imposed which they exceed without knowing. If they create a bodily injury to a third party or damage to third party property, and they are working above the insured height limit when the accident occurs, the policy will not respond. In other words, they become personally financially liable without the benefit of insurance that suits the activities they undertake in their business.

Policies without height limitations are available. rope access technicians and height safety equipment installers are two trades that spring to mind who are constantly working at heights above those allowed for in some policies, and who require more tailored cover with fewer restrictions. Scaffolders, renderers, painters, glaziers, roofers, plant and equipment techs for example may all require cover at height, depending if they perform commercial or domestic work. For these trades, there really is no reason not to be covered properly when the solution is there waiting. If you are working at heights, and have no idea if you are really covered, the time to act is now. A review of your policy could ensure you are not exposing yourself to unnecessary financial risk.

For a health check of your business insurance, contact Small Business Insurance Brokers via email sales@ smallbusinessinsurancebrokers.com.au or call 0418 300 096 Any advice in this article has been prepared without taking into account your objectives, financial situation or needs. Because of that, before acting on the above advice, you should consider its appropriateness (having regard to your objectives, needs and financial situation).

Craig Anderson GENERAL INSURANCE Small Business Insurance Brokers www. heightsafetyinsurancebrokers.com.au 0418 300 096

Gone up in smoke - $42m worth of illicit tobacco ceased and destroyed By Warren Strybosch

The ATO via “Operation Greyhound”, they have uncovered a large source of illicit tobacco in Koraleigh, New South Wales. The amount covering 24 acres, was estimated to be over 250,000 kilograms in weight, and worth a staggering $42m on the open market. The ATO undertook significant warrant activity with assistance from officers attached to the Murray River PD Rural Crime Team and the Proactive Crime Team from NSW Police Force. The ATO said that this outcome demonstrates their commitment to detecting, disrupting, and dismantling crime syndicates that grow illicit tobacco.

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APRIL 2022 | FIND KNOX

List Your Aged Care Facilities with Find Aged Care Accommodation Today. Help the local community know you exist and what sets you a part compared to other aged care facilities, Financial Planners and other providers in the local area.

We have developed Find Aged Care Accommodation (www.findagedcareaccommodation.com.au) so you can promote your facilities and services to the general public. You can also place any job vacancies on our website that is available in your facilities.

For more information, please contact us at 1300 88 38 30 or email info@findaccommodation.com.au.

APRIL 2022 | FIND KNOX

2022 TA

Small business CGT concessions accessed by ineligible taxpayers The ATO is contacting taxpayers that have claimed small business CGT concessions in recent income tax returns. The main focus of the correspondence is for taxpayers to ensure they meet eligibility conditions and have records to substantiate the concessions claimed. For planned future transactions, taxpayers can seek a pre-lodgment compliance agreement or apply for a private ruling to ensure small business CGT

Announced: 15-Nov-2021 Updated: 22-Nov-2021

concession eligibility.

Single Touch Payroll Phase 2 now deferred The ATO has announced an extension to begin additional reporting requirements under Single Touch Payroll Phase 2. Employers will not be penalised as long as they start reporting the additional information by 1 March 2022. Previously, the guidelines were to have employers commence Phase 2 by 1 January 2022. However, if an employer is able to complete the additional reporting they have been encouraged to do so. One reason may be that the software provider enables an employer to complete additional reporting.

Announced: 23-Nov-2021 Updated: 24-Nov-2021

Single Touch Payroll Phase 2 will mainly require an employer to: •

split gross income of their employees into relevant sections

•

explain the withholding category of each employee, and

•

provide details on cessation of employment.

Payment Times Reporting Scheme The Payment Times Reporting Scheme commenced on 1 January 2021, providing small businesses with greater understanding of the corporate treasury management processes within large businesses and government enterprises. Information reported by large businesses on payment terms and times for their small business suppliers at an aggregate level is publicly available on the Payment Times Reports Register.

Announcement(10-Dec-2020) Consultation Introduced(13-May-2020)

This will assist a small business in decision making by increasing transparency on how quickly they could

Passed(6-Oct-2020)

expect payment for work with a big business.Small businesses can opt out of being identified as a small

Royal Assent(14-Oct-2020)

business for the purposes of the scheme. This will mean that their payment times and terms with large

Date of effect(1-Jan-2021)

businesses will not be reported.

Victorian windfall gains tax Royal assent has been given to the windfall gains tax (WGT), which is to be levied on rezoned land in Victoria. The WGT will apply to rezoning planning decision which will substantially increase the value of land. The WGT will not apply if a rezoning event causes a taxable value of land uplift of less than $100,000.

Announced: 2-Dec-2021

The commencement date for the WGT will be from 1 July 2023, with various deferrals and exemptions

Updated: 3-Dec-2021

available.Information relating to the interaction between the WGT and other federal income tax is yet to be released by the ATO.

Loss carry-back available for companies For 4 income years, many corporate tax entities will be eligible to claim a refundable tax offset when they incur a taxable loss. This optional offset is available only to corporate businesses and is a recoupment of

Announcement(6-Oct-2020)

prior year income tax paid, but is only available for recent income years. The loss carry-back is available

Consultation(6-Oct-2020)

to businesses with turnover under $5 billion. Any refundable tax offset is limited to prior year tax paid and the balance of the franking account. In the 2021 Federal Budget, the ability to utilise tax losses for a refund has been extended by 12 months into the 2022–23 income year. The extension has been introduced into parliament.

Introduced(7-Oct-2020) Passed(9-Oct-2020) Royal Assent(14-Oct-2020) Date of effect(1-Jul-2021)

AX UPDATES Employee share scheme tax and regulatory changes proposed New legislation has been introduced into parliament which will remove 'cessation of employment' as a deferred taxation point on employee share schemes (ESS). Further draft regulations have been released by the Treasury around changing both the taxation and regulatory framework for Australian businesses. Overall,

nnouncement(10-May-2021) Consultation(25-Aug-2021) Introduced(25-Nov-2021)

these combined proposals for both ESS participants and businesses may change traditional structuring of

Passed

arrangements if they are enacted. Further, it will allow greater flexibility and clarity for businesses to make

Royal Assent

ESS offers to participants in the future.

Date of effect

Intangible assets depreciation changes proposed A proposal to change legislation around intangible asset depreciation has been issued by the Treasury after an initial announcement in the 2021 Federal Budget. Under the proposal, taxpayers will have the option to self-assess the effective life of certain intangible assets that currently have statutory depreciation rates.

Announcement(2-Dec-2021) Consultation(23-Dec-2021) Introduced Passed

If the proposal passes through the legislative process, self-assessed intangible asset depreciation will begin

Royal Assent

for assets first held on or after 1 July 2023.

Date of effect

AAT extended power to pause or modify ATO debt recovery (2021 federal budget measure) Small businesses (aggregated turnover less than $10 million) will be able to apply to the Administrative Appeals Tribunal (AAT) to pause or modify ATO debt recovery action for debts being disputed in the AAT. Currently, small businesses are required to go through the court system to pause or modify ATO debt recovery action. Taxpayers are otherwise required to pay disputed tax liabilities by the due date or enter into a 50/50

Announcement(8-May-2021) Consultation(12-Jan-2022) Introduced

arrangement with the ATO to defer recovery action. In the 2021 federal budget, it was announced that the

Passed

AAT will have power to pause or modify ATO debt recovery action until the underlying dispute is resolved.

Royal Assent

Debt recovery action includes garnishee notices and the recovery of general interest charges or related

Date of effect

penalties.

ACT COVID-19 stimulus package In its response to the COVID-19 lockdowns during the second half of 2021, the Australian Capital Territory (ACT) Government has implemented support grants for businesses. Grants of up to $20,000 are available to eligible small and medium businesses where turnover has declined by at least 30% over the lockdown period. These grants were subsequently extended in October 2021. Businesses do not need to re-apply as payments will be automatically paid. The federal government has also announced that these payments

Announced: 22-Mar-2020 Updated: 20-Jan-2022

received will be tax free. Landlords and commercial owner-occupiers may be eligible for new land tax relief in 2021.

SA COVID-19 stimulus and relief package Throughout the COVID-19 pandemic, the South Australian Government has implemented a range of stimulus payments for residents and businesses. In December 2021, density restrictions in place may have meant that your client has experienced a further decline in turnover. •

These support measures include:

•

automatic payments for those also in receipt of the COVID-19 Tourism and Hospitality Support Grant

•

automatic payments for gym who qualified for the Additional COVID-19 Business Support Grant

•

one-off grants for other eligible businesses that experienced a reduction in turnover, and

•

new grants available for major events that are cancelled or postponed.

•

For previous measures that were in place in South Australia, refer to our state COVID-19 page.

Announced: 26-Mar-2020 Updated: 21-Jan-2022

APRIL 2022 | FIND KNOX

REALESTATE APRIL 2022

REALESTATE

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Email your Rental Listings to Find Knox each week and we will update your Listing in the online community paper for FREE.

If you have questions, contact Warren on 1300 88 38 30 or email: editor@findknox.com.au APRIL 2022 | FIND KNOX

APRIL 2022 REALESTATE

Switch to Solar and Save Join us at our free Solar Savers Q&A webinar on Tuesday 22 March. Find out how we can support your transition to solar. Solar Savers is a local government initiative designed to make solar easy and affordable for Knox residents. Representatives from Solar Savers and eko energy (the solar installer), will explain how the program can support your entire solar journey. Topics covered in the webinar include: • • • • •

benefits of installing a solar PV system for your home assessing if solar is suitable for your home estimating energy bill cost savings quotation and installation process additional support for pension and low-income households

You will also have the opportunity to have your queries answered by the experts.

Solar Savers webinar Date: Tuesday 22 March 2022 Time: 6:30 to 7:30 PM Location: Online Register now Knox households account for 18% of total greenhouse emissions in our community.

Reduce your household waste

As part of our Climate Response Plan 2021-2031, we are providing a range of programs to help our community to lower emissions and reach net zero by 2040. Learn more about our residential sustainability programs on our Energy efficiency and greenhouse emissions web page.

Join this workshop to learn how to help reduce waste and recycle properly. Run by a Knox waste education officer, this free and informative session will give you tips on what can and cannot go into your rubbish bins and where it all ends up. You will also learn more about changes to your bin services. Come and have all your questions and more answered at Orana Neighbourhood House, 62 Coleman Rd, Wantirna South. Three workshops are being held over the coming weeks • • •

Wednesday, 16 March 7:00pm to 9:00pm Wednesday 27 April 6.30pm to 8.30pm Wednesday 1 June 10.00am to 12noon

To book your place please phone 9801 1895.

APRIL 2022

Trail. It was removed in October 2021 for restoration. The sculpture was originally created by artist Rex Keogh in collaboration with Knox residents. The original artwork was part of Knox’s Placemaker Legacy program, an initiative that revitalised urban spaces with public art by Knox artists during the 1980s and 90s. It was last restored in 2003. The restoration, completed by Meridian Sculpture, has included new paint, removal of rust and replacement of broken and missing parts. It reflects the original colours used in the sculpture and improves its structural integrity. The materials selected were specifically chosen to ensure longevity.

Recycled bike sculpture restored The iconic bicycle sculpture at Collier Reserve in Wantirna has been restored and was reinstalled this week.

The sculpture, made from recycled bicycle parts, is a landmark feature of the shared pathway that is Blind Creek

New all abilities tennis program

Knox has over 200 public artworks and Council routinely restores and repair works as the need arises. This restoration project is the result of a comprehensive audit in 2019 and 2020 which identified a number of key works for restoration. Pictures of the restored sculpture are available on our facebook page.

The lack of inclusive community options prompted Ferntree Gully Tennis Club to create a new all abilities tennis coaching program with the support of Tennis Vic, Vic Sport and Council. The program offers a fun, active, inclusive program to encourage participants to learn to play tennis and also make new friends, and integrate into the tennis club. Participants are given free equipment packs with a T-shirts, cap and, anyone who hasn’t played before will be given a racquet to play with. This pilot program has already seen a strong response from the community and it is hoped that Tennis Vic will promote it to other tennis clubs to incorporate into their coaching programs. Weekly all abilities tennis program are held at the tennis club on Thursdays, 5.15pm to 6.15pm with coach, Jake Mutton. Register your interest now. APRIL 2022 | FIND KNOX

FIND KNOX | APRIL 2022

www.findknox.com.au

Edible Gardening in the Cooler Months Come along to our workshop with Sustainable Gardening Australia on 23 March at Ferntree Gully Library. Teresa from Sustainable Gardening Australia, will share tips and advice on preparing your garden for cool season planting. Topics include: • • • • •

garden maintenance soil preparation sustainable ways to improve productivity crop rotation companion planting

We will have a swap table at this event. If you have produce, cuttings, seedlings,

flowers or recipes that you would like to share, please bring it along. Workshop details Date: Wednesday 23 March 2022 Time: 3:00 to 5:00 PM Location: Ferntree Gully Library, 1010 Burwood Hwy, Ferntree Gully VIC Register now

Free Desexing for Cat and Dogs

Join Gardens for Harvest Have a green thumb? Sign up for our free Gardens for Harvest program. Members receive a Gardens for Harvest e-booklet, invitations to gardening workshops and events, and access to a monthly newsletter filled with great tips for your garden.

Knox concession cardholders can apply to have their cat or dog desexed for free at our pound, Animal Aid in Coldstream. We have been awarded a $25,000 grant from the Victorian Government to deliver the Pet Desexing Program in our community. This program will help residents gain access to essential desexing services for their cats and dogs. Up to 150 cats and dogs will be desexed through this initiative. Providing support for pet desexing will reduce the number of unwanted cats and dogs that end up in shelters. Unwanted cats is a large concern in our community. In 2019/2020, we impounded 340 cats and kittens, and only 17% of cats were reclaimed by their owners. Cats have a much lower chance of getting reclaimed than dogs, which had a reclaimed rate of around 80%. Unfortunately, cats that were not adopted or reclaimed had to be euthanised. This program will help avoid this sad outcome for unwanted animals by helping pet owners desex their cats. To further encourage households to adopt pets, Council provides free registration for newly adopted and desexed pets for the first year of the registration period, if registered within 30 days of adoption. Apply for this free desexing service by 30 June 2022.

www.findknox.com.au

Boomers Academy is back!

APRIL 2022 | FIND KNOX

Participant will learn new basketball skills, make friends, have fun and be inspired by some of our leading female athletes. The Boomers Academy clinics will be run by WNBL star and Olympian, Tess Madgen and other members of the Deakin Melbourne Boomers. The clinics are free for Knox residents. Clinics run Monday 11 April and Thursday 14 April, 9.00am to 3.00pm. State Basketball Centre, 291 George Street, Wantirna South. Register now

More social housing still needed

Knox City Council is disappointed that the Victorian Government has abandoned a plan to levy developers that would have delivered thousands of homes for the most vulnerable. Mayor Cr Susan Laukens said local government has long called for legislation to mandate developer contributions, otherwise known as inclusionary zoning, as part of the solution to the critical shortage of social and affordable housing. “Rising rents in the private rental market and an inadequate supply of social housing means many people on low to very low incomes are struggling to find somewhere to live. “When people have a safe and stable home, it changes lives for the better,” Cr Laukens said. In Knox alone, a minimum of 1,010 social housing dwellings are needed to house those most vulnerable by 2041, or an additional 50 social housing dwellings per year. “Knox City Council has been an active leader in negotiating more social housing when developers have sought to rezone large sites but we only have a few of these sites left,” she said. “The Victorian Government should be commended for finally taking action to invest in social housing and the development sector must play its part. “We are pleased that the Government’s short sighted policy of exempting itself from paying rates on social housing has been shelved. This would have ripped more than $16 million out of local services over the next ten years. “Housing the most vulnerable people in our community needs sustained effort and investment, and we urge the Victorian Government to regroup and resume working with all sectors in the spirit of true partnership to achieve a holistic solution,” Cr Laukens said. APRIL 2022 | FIND KNOX

Are you Not-For-Profit in Knox Area? Advertise your events for FREE on the following pages. Are you a NFP with an up-and-coming event? If so, email your event to editor@findknox.com.au and we will place it in the paper for FREE.

Knox

SUPPORT YOUR LOCAL

NOT-FOR-PROFIT

Knox

Westfield Knox is one of the largest shopping centres in Melbourne. Located at the foothills of the Dandenong Ranges approximately 25 kilometres east of the CBD, it is easily accessed by major arterial roads, including the Monash and Eastern Freeways. The centre currently caters to a trade area population of approximately 478,000 people, with a total accessible market of 2.2 million residents. The centre is home to a range of Australia’s most well-known retailers including Myer, Kmart, Target and Coles. There is also a Village Roadshow cinema complex and a broad mix of retailers including over 380 specialty retailers. Westfield Living Centres are open and trading. Visit your local centre website for the most up-to-date retailer information and opening hours as these will vary for each state and territory.

o hS p

Eat

Reimagining Knox

We’re delighted to announce the commencement of the $355 million redevelopment of Westfield Knox, transforming our Living Centre into an elevated retail and lifestyle destination created for our community. Construction is now underway, with transformation to occur in stages between 2022 and 2023. The first stage will include a new fresh food market on Level 1, featuring a selection of new and existing retail partners and food catering experiences alongside new supermarkets; Woolworths and ALDI. The fresh food market is expected to open in late 2022. The second phase will include the addition of the new 2,000sqm Knox public library, an elevated retail offer spanning a diverse mix of categories, from fashion to beauty, youth and homewares and a range of new uses. These include co-working facilities and recreational spaces for our community to enjoy. In addition to the retail upgrades, the centre will undergo a comprehensive internal update including new flooring and finishes throughout, as well as upgraded amenities for our customers. The first stage will include a new fresh food market on Level 1, featuring a selection of new and existing retail partners and food catering experiences alongside new supermarkets; Woolworths and ALDI. The fresh food market is expected to open in late 2022. The second phase will include the addition of the new 2,000sqm Knox public library, an elevated retail offer spanning a diverse mix of categories, from fashion to beauty, youth and homewares and a range of new uses. These include co-working facilities and recreational spaces for our community to enjoy. In addition to the retail upgrades, the centre will undergo a comprehensive internal update including new flooring and finishes throughout, as well as upgraded amenities for our customers. The project will showcase our responsible business strategy, including a number of sustainability initiatives which will improve the centre’s energy, water and emissions intensity. The installation of a large rooftop solar system will generate onsite renewable electricity. We’re looking forward to our customers joining us on this exciting journey, and will have more news to share including new retail announcements and details on our community spaces as works progress. APRIL 2022 | FIND KNOX

RETIREMENT

LIFESTYLE

ACCOMMODATION

RETIREMENT ADVICE

RETIREMENT We will look after your financial affairs so you can enjoy your retirement. WHO WE ARE

WHERE WE WORK

Find Retirement is a part of the Find Group of companies offering Retirement Planning, Accounting, Super, and Insurance service to our clients.

We service clients throughout Melbourne, Bendigo and Geelong and surrounding areas. With access to the internet it does not matter where you live.

WHAT WE DO We don’t sell proucts but provide simple retirement planning solutions. Bendigo | Geelong | Melbourne

info@findretirement.com.au

Mon - Fri: 9am - 5:30pm

www.findretirement.com.au

1300 88 38 30

Sat: 10am -1pm

Sun: CLOSED

This information is of a general nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should obtain professional advice before acting on the information contained in this publication. Superannuation, tax and Centrelink and other relevant information is based on our interpretation and continuation of law current as at the date of this document. The information contained in this document does not constitute legal or tax advice. You should seek expert advice in this regard. Warren Strybosch, Find Wealth Pty Limited ABN 20 140 585 075 trading as Find Retirement, Corporate Authorised Representative No. 236815 of ClearView Financial Advice Pty Ltd ABN 89 133 593 012, AFSL No. 331367.

www.findknox.com.au

APRIL 2022 | FIND KNOX

Submit to

LIMERICK COMPETITION RETIREMENT By Bernard Kelly MBA

Limericks are nonsense poems that take their name from nonsense poetry that originated in – yes, you’re right - Limerick, Ireland. And now, as a senior, you will recall how limericks revitalized those (otherwise boring) long car trips when you were a child. This competition enables you to revisit those childhood memories. Limericks are five line poems with a strict meter, and as they are easy to construct, they have been frequently written for children. Their simplicity and singalong rhythm have also made it easy for drunkards in pubs to write rhyming slang, frequently with sexual content. Which has enabled this art form to persist down through the ages. They went into literature when Edmund Lear published a collection titled “A Book of Nonsense” in 1846. It’s never been out of print ever since. Here’s an example of his work:

“A delighted incredulous bride

There are many hobbies, past-times and interests that are available to seniors “Said to the groom at her side during daylight hours (for example you would develop new friendships when “I never would have believed you join a charity that prepares meals “Until right now dear sir for the homeless). Then on weekends “How our anatomies would so coincide.” you could assist as a volunteer in a project where everyone else is still in the And here’s another example of how workforce – I’m thinking of an outdoors miniature railway society. easy limericks are to construct: “Here’s true history from the crew, “We found a mouse in the stew, “Said the waiter, don’t shout, “And wave it about, “Or the rest will be wanting one, too.” There are many hobbies, past-times and interests that are available to seniors during daylight hours (for example you would develop new friendships when you join a charity that prepares meals for the homeless). Then on weekends you could assist as a volunteer in a project where everyone else is still in the workforce – I’m thinking of an outdoors miniature railway society. Then of course, writing limericks is there for your evenings.

Then of course, writing limericks is there for your evenings. Submit your competition entry to bernardkellygeelong@gmail.com and feel free to ask about the prize pool. And of course, if you want to further develop your skills as a member of the limerick community, you will be able to find a supporting writers’ group at your local neighbourhood house, Bernard Kelly MBA writes on retirement lifestyle issues. His email is bernardkellygeelong@gmail.com

BERNARD KELLY Bernard Kelly is a (volunteer) retirement success coach APRIL 2022 | FIND KNOX

FIND KNOX | APRIL 2022

www.findknox.com.au

The Downsizer Contribution – an easy way to get money into super FINANCIAL PLANNING By Warren Strybosch

The Downsizer Contribution – an easy way to get money into super If you have reached the eligible age, you may be able to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your superannuation fund.

90 days of receiving the proceeds from the sale of your home to your respective super fund. Generally, this would mean 90 days from settlement. You can make multiple contributions from the sale of the primary residence, provided they do not total more than $300,000 each.

From 1 July 2022 the eligible age is 60 years old or older. Prior to this it is 65 years old or older.

Downsizer contributions form part of your tax-free component within superannuation and will be taken into account for determining eligibility for the Age Pension (whereas the value in the main residence is exempt).

According to the ATO, this downsizer contribution is not a non-concessional contribution and will not count towards contributions caps. The downsizer contribution can still be made even if the contributor has a total superannuation balance (TSB) greater than $1.7 million.

You do not have to have lived in the home for the entire ownership period. So long as you are claiming at least a partial exemption from capital gains tax [CGT] under the main residence exemption, your property meets the main residence criteria for a downsizer contribution.

Important points to note:

•

The home must in Australia, have been owned by you or our spouse for at least 10 years and the disposal must be exempt or partially exempt from capital gains tax (CGT)

•

You have not previously made a downsizer contribution to your super from the sale of another home or from the part sale of your home.

•

Prior to (or at the same time) as making your contribution you must provide your fund with the ‘Downsizer contributions into super form.’

•

A downsizer contribution will not affect the TSB until this is recalculated to include all contributions, including downsizer contributions, on 30 June at the end of the financial year.

•

The downsizer contribution will count towards the transfer balance cap, currently set at $1.7 million. This cap applies when superannuation savings are moved into retirement phase. Downsizing contributions can only be made for the sale of one home and cannot be accessed again for the sale of a second home.

•

Downsizer contributions are not tax deductible and will be taken into account in determining eligibility for the Age Pension.

•

If the contributor sells their home, is eligible and chooses to make a downsizer contribution, there is no requirement to purchase another home.

Source: ATO. Timing is key

9 tips to consider

One of the key areas to note is timing when considering this strategy. You must make the downsizer contribution within

Tip 1 — Date of contract of sale Be aware of the date your client entered into the contract of sale to sell their home.

A downsizer contribution is only available where the contract of sale for an eligible property was entered into on or after 1 July 2018. Tip 2 — 10-year ownership interest You must have held an ownership interest in the home being sold at all times during the 10-year period prior to the sale. Tip 3 — Age-based considerations An individual must be aged 60 years or older when they make a downsizer contribution to superannuation. Interestingly, there is no upper age limit, so a downsizer contribution may be available to an individual well over the age of 65 who never had the opportunity to contribute to superannuation. Usually, any contribution to superannuation made on or after an individual’s 65th birthday requires the work test to have been met. However, a downsizer contribution can be made irrespective of an eligible individual’s work status. Tip 4 — Contribution amounts The amount you can contribute is limited to the lesser of $300,000, or the total capital proceeds you receive from the sale of your interest in the home. If you are a couple with joint ownership in the home, then you would be eligible to each contribute up to $300,000, resulting in a total downsizer contribution of $600,000. Tip 5 — Contribution timing Eligible individuals must make a downsizer contribution within 90 days of the change of ownership on the eligible property. In most cases, this will be 90 days from the date of settlement, unless an extension has been granted. You can make multiple contributions from the sale proceeds of the one eligible home within the 90-day eligibility period, so long as the total contributions do not exceed the lesser of $300,000, or the total capital proceeds received from the sale of your interest in the property. Tip 6 — Downsizer contribution form The contribution needs to be accompanied by the downsizer contribution into superannuation form either when making, or prior to making the contribution to superannuation. Tip 7 — Age Pension entitlements Age pensioners need to carefully consider how a downsizer contribution may impact their Age Pension entitlement. While the value of an individual’s home is means test exempt, the value of their

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superannuation interests, both in accumulation and pension phase, are means tested when determining eligibility for the Age Pension. Eligible age pensioners may find a downsizer contribution indirectly impacts their Age Pension entitlement, however any additional amount they now have in superannuation as a result of the contribution could be used to further support their retirement income needs. Tip 8 — Estate planning perspective A downsizer contribution is a new type of after-tax contribution to superannuation and, therefore, will not count toward an individual’s non-concessional contribution cap. Any amount contributed will form part of the individual’s tax-free component. From an estate planning perspective, the taxfree component would not attract tax if a death benefit lump sum was paid to nontax dependants such as independent adult children. Tip 9 — Transfer balance caps While an individual’s TSB can limit their ability to make certain additional contributions, most notably nonconcessional contributions, eligibility to make a downsizer contribution is not impacted by their TSB. However, an individual continues to be restricted to only moving a maximum of $1.7 million to retirement phase under the transfer balance cap (TBC). Should your client have already fully utilised their TBC, any additional contribution to superannuation under the downsizer measure would remain in accumulation phase. Extension of time In some circumstances, contributors might be able to request a longer period for making a downsizer contribution, for instance, when a delay has been caused by factors outside their control. However, an extension of time will not be granted to allow an individual to meet the age requirement.

APRIL 2022 | FIND KNOX

ATO example of an extension being granted Ben, aged 77, decides to sell his family home of 15 years. Settlement occurs on 1 August 2018. He purchases a new home in a retirement village, which is due to settle on 1 October 2018. The retirement village has only just been built, and Ben’s settlement is delayed until 1 December 2018 while final council approvals are obtained. Ben does not want to contribute funds from the sale to his superannuation until after the settlement of his new property to ensure he has enough money to purchase and move into the property. Upon his request, the ATO gives Ben an extension of time to contribute until 1 February 2019. This extension allows Ben enough time to settle on the new property and make a contribution of the remaining money from his sale. Ben can afford to contribute $200,000 to his superannuation fund after the sale and makes this on 25 January 2019.

Source: ATO.

Conclusion The benefit of the downsizer strategy is that there is no requirement to meet a work test to make this contribution. This is beneficial for clients aged between 60 and 74, but it is even more appealing for clients aged at least 75 who may still wish to contribute to their superannuation – whether they are still working or not. Not only is this a great advantage of the downsizer strategy, but so is the fact that it does not matter how much a client already has in superannuation. The total superannuation balance threshold of $1.7 million that would normally preclude an individual from being able to make further non-concessional contributions does not apply for downsizer contributions.

According to the ATO, an extension of time should be requested before the 90-day period from the date of settlement has expired. If a contributor has overlooked the 90-day timeframe, an extension of time may still be granted due to, but not limited, to:

Downsizer Contributions

• • •

Question 2: In-specie transfer of assets for downsizer contribution

ill health death in the family moving house.

For the full eligibility criteria and other details find out more at Downsizer contributions for individuals.

My client wishes to make a $300,000 downsizer contribution to super and would like to make this contribution via an in-specie transfer of personally owned shares. Is this possible? Answer: Yes. A client can make a downsizer contribution as an in-specie transfer of assets, provided the value of the transfer does not exceed $300,000 or the total capital proceeds received for the property sale. The ATO have confirmed this in LCR 2018/9 and provide the following example on their website: Alisha has a portfolio of listed shares worth $150,000. She sells her home for $500,000. As Alisha meets all the other requirements, she can make a downsizer contribution of up to a maximum of $300,000 using a combination of her shares and cash. Remember, the downsizer contribution must be made within 90 days of receiving the sale proceeds and any transfer of shares from individual ownership to super will trigger a CGT event and capital gains tax implications may apply. This information is current as at January 2022. This article is intended to provide general information only and has been prepared without taking into account any particular person’s objectives, financial situation or needs (‘circumstances’). Before acting on such information, you should consider its appropriateness, taking into account your circumstances and obtain your own independent financial, legal or tax advice. You should read the relevant Product Disclosure Statement (PDS) before making any decision about a product. While all care has been taken to ensure the information is accurate and reliable, to the maximum extent the law permits, Alliance Wealth and its related bodies corporate, or each of their directors, officers, employees, contractors or agents, will not assume liability to any person for any error or omission in this material however caused, nor be responsible for any loss or damage suffered, sustained or incurred by any person who either does, or omits to do, anything in reliance on the information contained herein.

Warren Strybosch You can call them on 1300 88 38 30 or email info@findretirement.com.au www.findretirement.com.au APRIL 2022 | FIND KNOX

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HELPING TO PROTECT YOU AND YOUR FAMILY At Find we can help you find the ‘right’ personal insurance. Our aim is to help you obtain and retain the personal insurances that are appropriate for you and at cost that you can afford.

Personal Insurances Include: • Income Protection (IP) • Life Insurances or Death Cover • Total and Permanent Disability (TPD) • Trauma Insurance or Critical Illness Insurance • Business Expense Cover • Child Trauma Cover

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• Landlord Insurance

• Caravan

• Height Safety Insurance

• eBikes

We work with only the most reputable insurers to bring you a range of insurance options for you to choose from:

When it comes to General Insurance, Find Insurance provides a referral service to Find Business Insurance. Find Insurance provides general information only and we do not offer general insurance advice. We refer all general insurance enquiries to Craig, a licensed Authorised Representative (No. 001248230) of Focus Insurance Brokers AFSL 426797. Craig is able to provide general insurance advice to you. You should always seek professional advice before making financial decisions. This material is not intended to constitute personal advice and must not be relied on as such. This material is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. You should consider the appropriateness of this material having regard to your objectives, financial situation and needs and consider obtaining independent advice. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read

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the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan.

Australia’s Trusted Height Safety Insurance Brokers Height Safety Insurance Brokers Trust the insurance experts in covering your business against risks and losses. Let us create a specialised program for you to ensure any overlooked issues are covered. If you’d like us to handle insurance renewal get in touch with our friendly team. We also offer free assessments of your current program so you can make an informed decision for your business’ wellbeing.

www.heightsafetyinsurancebrokers.com.au

CRAIG ANDERSON GENERAL INSURANCE

0418 300 096 | sales@heightsafetyinsurancebrokers.com.au

ABN: 26689211803

Small Business Insurance Broker is a registered business name for the Trustee for The Anderson Kerr Family Trust, (Height Safety Insurance Brokers Pty Ltd, a Corporate Authorised Representative (AFS Representative Number 0012482300) of Focus Insurance Brokers AFSL 426797.

APRIL 2022 | FIND KNOX

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LOCAL TRADIES

TRADIES - FREE ADVERTISING Are you a Tradie? Need referrals? Consider joining the Find Manningham Network group. If you have any questions, contact Warren on

Warren Strybosch 1300 88 38 30

INDEX PROFESSIONAL SERVICES • Coffee Machine Machine -- 00 • Builder ----------------------------------- 00 • Electrician ----------------------------- 00 • Painter ----------------------------------- 00 • Plasterer -------------------------------- 00 • Property Maintenance ------- 00

editor@findknox.com.au

TRADIES - FREE ADVERTISING Email your artwork to editor@findknox.com.au If you wish us to create your ad, we will do this for a minimal cost. Go to www.findknox.com.au/graphic-design to upload your details and we will create this for you.

The Dimensions of the Ads are: 53 x 98 mm - 1/8 Small Size

139 x 96 mm - 1/4 Page Portrait

If you have any questions, contact the editor on 1300 88 38 30 or Email warren@findknox.com.au *Available until your category is taken when a Tradie joins the Find Network Team.

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LOCAL TRADIES

TRADIES - FREE ADVERTISING Email your artwork to info@findnetwork.com.au. If you wish us to create your ad, we will do this for a minimal cost. Go to www.findyarraranges.com.au/graphic-design to upload your details and we will create this for you.

The Dimensions of the Ads are: 53 x 98 mm - 1/8 Small Size

139 x 96 mm - 1/4 Page Portrait

If you have any questions, contact the editor on 1300 88 38 30 or Email info@findnetwork.com.au *Available until your category is taken when a Tradie joins the Find Network Team.

APRIL 2022 | FIND KNOX

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HOME & GARDEN

BUSINESSES Do you provide Home and Garden services in the Manningham region? If you have any questions, contact Warren on

Warren Strybosch 1300 88 38 30

INDEX PROFESSIONAL SERVICES • Specialist Tree Services ------- 00 • Interior Design ---------------------- 00 • Mowing --------------------------------- 00 • Building Inspection -------------- 00 • Nursery ---------------------------------- 00 • Flooring --------------------------------- 00

editor@findknox.com.au

The Dimensions of the Ads are: 53 x 98 mm - 1/8 Small Size

139 x 96 mm - 1/4 Page Portrait

If you have any questions, contact the editor on 1300 88 38 30 or Email warren@findknox.com.au *Available until your category is taken when a Tradie joins the Find Network Team.

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HEALTH & BEAUTY

BUSINESSES Do you provide Health and Beauty services in the Manningham region? If you have any questions, contact Warren on

Warren Strybosch 1300 88 38 30

editor@findknox.com.au

*Available until your category is taken when a Tradie joins the Find Network Team.

INDEX PROFESSIONAL SERVICES • Lactation Consultant ----------- 00 • Hair Dresser --------------------------- 00 • Chiropractor ------------------------- 00 • Beauty Theraphy ------------------ 00 • Gym --------------------------------------- 00 • Massage Therapy ---------------- 00

The Dimensions of the Ads are: 53 x 98 mm - 1/8 Small Size

139 x 96 mm - 1/4 Page Portrait

If you have any questions, contact the editor on 1300 88 38 30 or Email warren@findknox.com.au *Available until your category is taken when a Tradie joins the Find Network Team.

APRIL 2022 | FIND KNOX

We invite a representative from each sporting club to submit team selections, results and any interesting stories relating to your club/sports. For inquiries call 1300 88 38 30 or email editor@findknox.com.au

SPORTS

Do you have Photos from a local sports event or even a great story you would like to share?

SEND US YOUR NEWS! For enquiries call 1300 88 38 30 or email editor@findknox.com.au

APRIL 2022 | FIND KNOX

MARCH 2022

FREE ADVERTISING Religious Groups and Churches Services Times Public Notices

Knox 1300 88 38 30 editor@findknox.com.au

Religious Practitioner Stories & Services

FREE Advertising is available related to Sercives Times, Public Notices, and Fundraising Advertising.

SEND US YOUR NEWS! For enquiries call 1300 88 38 30 or email editor@findknox.com.au

APRIL 2022 | FIND KNOX

Birth, Deaths & Marriages APRIL 2022

FREE Advertising is available related to Death Notices, Funeral Notices, Births and Marriages.

SEND US YOUR NEWS! Knox

1300 88 38 30 editor@findknox.com.au

Birth, Deaths & Marriages

Free Advertising is available related to Death Notices, Funeral Notices, Births and Marriages.

SEND US YOUR NEWS! For enquiries call 1300 88 38 30 or email editor@findknox.com.au

APRIL 2022 | FIND KNOX

KNOX

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Buy 1 Get 1 FREE Offers Up to 50% Off

Fine, Contemporary & Bistro

FREE

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Contact your Not-For Profit to obtain your Find Card. Only Find Cards can be in conjuction with the offers and must be presented to participating businesses.

LOCAL COUPONS

31 January 2021 - 31 January 2022

Up to 50% of generated funds goes to Not-For Profit organisation.

FIND CARD LOCAL OFFERS

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PRESENT VALID FIND CARDS Registration of Find Cards Please go to www.findknox.com.au/register/ Please refer to Page 57

LOCAL COUPONS OFFERS

TABLE OF CONTENTS BUSINESS NAME

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FIND COFFEE COMING SOON

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COMING SOON

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FIND BREKKY, BRUNCH & LUNCH COMING SOON

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FIND ENTERTAINMENT COMING SOON

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FIND TAKEAWAY COMING SOON

CARD NO.

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FIND TRAVEL COMING SOON

CARD NO.

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CARD NO.

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FIND DINING COMING SOON

CARD NO.

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COMING SOON

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Dining

Part of the secret of success is to eat what you like and let the food fight it out inside. FIND ADVERTISING COUPONS editor@findknox.com.au 1300 88 38 30

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Brekky, Brunch & Lunch The best memories are made when gathered around the table

FIND ADVERTISING COUPONS editor@findknox.com.au 1300 88 38 30

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& Lunch

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Coffee

COFFEE WITH A FRIEND IS LIKE CAPTURING HAPPINESS IN A CUP.

FIND ADVERTISING COUPONS editor@findknox.com.au 1300 88 38 30

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Takeaway

You don't need a silver fork to eat good food

FIND ADVERTISING COUPONS editor@findknox.com.au 1300 88 38 30

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NEW OFFERS COMING

APRIL 2022 | FIND KNOX

Entertainment

Dance is the poetic baring of the soul through motion FIND ADVERTISING COUPONS editor@findknox.com.au 1300 88 38 30

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Coupons &

Any changes or updates to these ‘Terms of Use’ of the

Non-Transfer The barter trade, sale, purchase, or transfer of the Find Coupons &/or Find Cards, by any person or entity, including but not limited to business placing offers in the Find Paper, printers, publishers, and distributors of the Find Coupons /Find Card, is strictly prohibited, unless expressly authorized by Find Pty. Ltd. Find reserves the right to make changes to the participants and their offers at its sole discretion. Members will be notified of these changes via email or via the Site. The Find Coupons and its Offers are intended for the non-profits use of the individual purchaser of the Find Cards &/or Find Coupons. Additionally, the use of the Find Coupons &/or Find Cards or any of the Offers placed in our Find Paper, for advertising purpose, in any form of fashion, is strictly prohibited. Any use of a Offers in violation of these Rules will render the Offer VOID, and violators will be prosecuted. Offers may not be reproduced and are void where prohibited, taxed, or restricted by law. Find, will not be responsible if any establishment breaches its contract of refuses to acccept the Find Cards / Offers with in the Find Paper: we will however, use our best efforts to secure compliance, Find, will not be responsible in the events beyond its control. © 2020 Find.

Find Cards Policy

e Find Cards and/or Find Coupons can be found here.

Valid Periods Find Restaurant, Find Cafe & Find Coffee offers can be used at participating businesses any time except the following days: *Christmas Eve *Christmas Day *Boxing Day * New Year’s Eve *New Year’s Day * Valentine’s Day *Good Friday *Easter Sunday *Mother’s Day. Some restaurant/Cafe/Coffe establishments will have additional terms and conditions on the page where the business is advertising their offer).

Present Find Card You are required to present your Find Card at any participating businesses if you wish to secure the discount or goods/service being offered.

Authentication Code & Customer Signature All Find Cards must display an Authentication Code and a members signature to be deemed VALID. If your Find Cards does not display your signature and the correct code, the business can refuse to provide the discount offer advertised. You will receive your Authentication code after registering your Find Card.

PRESENT VALID FIND CARDS

VALID

Valid Find Cards have four folds and contain six different categories. Valid Find Cards will have its Regions logo sticker placed in the circle at the back and has an Authentication code display in front of the Find Cards

NOT VALID

Find Cards that DO NOT display its Regions Sticker in the circle at the back and DO NOT display an Authentication code in front of the Find Card are INVALID. They will not be accepted at any participating businesses. Also, your signature must be present. You may be asked to present ID to verify that Find Card belongs to you.

Present the Find Card and ID prior to paying bill. Card is Non-Transferable. Each offer corresponds to a number on the card. Number will be crossed off once offer used. This is not a credit or charge card. Copyright 2022 Find© Pty Ltd.

www.findknox.com.au

APRIL 2022

Find Knox 2022 April Edition

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